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PARIS (Reuters) – Societe Generale could remove 1,500 jobs in the investment banking sector as part of a cost-cutting plan, reported the French newspaper Le Figaro.
In its Saturday edition, the newspaper said the cuts would cut the global workforce of SocGen's investment bank by 7.5 percent. Staff based in France would be the hardest hit, with over 700 jobs online, the paper said, citing an internal document.
SocGen announced earlier this month that it plans to restructure its investment banking business with a view to saving $ 500 million ($ 567 million). But the bank said that no decision had yet been taken on the layoffs.
A spokesman for the bank said on Sunday: "The review of our global banking and investor solutions business is proceeding as planned and it is therefore not possible at the moment to evaluate the consequences in terms of jobs. "
He added that unions would be consulted when the review would be completed in the coming weeks.
SocGen, which lowered its financial targets on Feb. 7 after weak fourth quarter results, was put under pressure from investors to increase profitability. In the last 12 months, the bank's shares have lost 45% of their value.
(1 USD = 0.8818 euros)
Report by Matthieu Protard and Leigh Thomas; Edited by David Holmes
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